XML 67 R49.htm IDEA: XBRL DOCUMENT v3.20.4
SHARE CAPITAL (Tables)
 12 Months Ended
Dec. 31, 2020
Statement  
Schedule of shares capital issued and outstanding

 

 

 

 

 

 

 

 

 

 

 

 

Common Shares

 

Contributed

 

    

Number

    

Amount

    

Surplus

Balance, January 1, 2018

 

102,916

 

$

171,803,816

 

$

23,056,846

Common Shares issued from exercise of Series B Warrants (i)

 

1,315,281

 

 

54,119,300

 

 

 —

Common Shares issued from exercise of Series C Warrants (ii)

 

9,452

 

 

15,854,206

 

 

 —

Common Shares issued from exercise of Series D Warrants (iii)

 

1,699

 

 

1,021,183

 

 

 —

Common Shares issued from exercise of Series F Warrants (iv)

 

295,740

 

 

42,990,737

 

 

 —

Common Shares issued from exercise of 2017 Notes (v)

 

1,076,583

 

 

18,582,374

 

 

 —

Common Shares issued for cash on exercise of options

 

49

 

 

88,917

 

 

(88,917)

Share-based payments

 

 —

 

 

 —

 

 

3,292,877

Balance, December 31, 2018

 

2,801,720

 

$

304,460,533

 

$

26,260,806

Common Shares issued from public offerings (vi)

 

2,222,222

 

 

7,802,417

 

 

315,611

Common Shares issued from private placement (vii)

 

334,951

 

 

1,664,662

 

 

 —

Common Shares issued from exercise Series B Warrants (viii)

 

223,304

 

 

16,931

 

 

 —

Common Shares issued from exercise of Series C Warrants (ix)

 

822

 

 

1,186,027

 

 

 —

Common Shares issued from exercise of 2017 Notes (x)

 

3,074,136

 

 

13,095,938

 

 

 —

Common Shares issued from exchange of Series A and Series E Warrants (xi)

 

49,624

 

 

234,173

 

 

 —

Share-based payments

 

 —

 

 

 —

 

 

3,189,808

Balance, December 31, 2019

 

8,706,779

 

$

328,460,681

 

$

29,766,225

Common Shares issued from public offerings Series A (xii)

 

1,185,000

 

 

4,111,950

 

 

 —

Common Shares issued from exercise of Series B Pre-funded warrants (xiii)

 

1,241,490

 

 

3,885,746

 

 

 —

      Transaction costs for both Series A and Series B

 

 —

 

 

(462,880)

 

 

 —

       Broker warrants (See Note 17 (f))

 

 —

 

 

(82,597)

 

 

82,597

Common Shares issued from Warrant conversion (xiv)

 

672,937

 

 

969,133

 

 

 —

Common Shares issued from conversion of 2017 Notes (xv)

 

500,014

 

 

1,293,093

 

 

 —

Common Shares issued from public offering (xvi)

 

3,883,036

 

 

9,591,099

 

 

 —

       Transaction costs for public offering

 

 —

 

 

(1,215,274)

 

 

 —

       Broker warrants (See Note 17 (f))

 

 —

 

 

(162,467)

 

 

162,467

Common Shares issued from public offering (xvii)

 

4,532,772

 

 

12,238,484

 

 

 —

       Transaction costs for public offering

 

 —

 

 

(1,057,302)

 

 

 —

       Broker warrants (See Note 17 (f))

 

 —

 

 

(242,989)

 

 

242,989

Common Shares issued from Warrant conversion (xviii)

 

1,925,049

 

 

7,718,346

 

 

 —

Common Shares issued from public offerings Series A (xix)

 

6,230,803

 

 

5,333,567

 

 

 —

       Transaction costs for public offerings Series A

 

 —

 

 

(659,410)

 

 

 —

       Broker warrants (See Note 17 (f))

 

 —

 

 

(96,114)

 

 

96,114

Common Shares issued from exercise of restricted share units

 

50,986

 

 

151,938

 

 

(151,938)

Common Shares issued from exercise of stock options

 

50

 

 

378

 

 

(174)

Share-based payments

 

 —

 

 

 —

 

 

4,846,776

Balance, December 31, 2020

 

28,928,916

 

$

369,775,383

 

$

35,045,056

(i)

During the year ended December 31, 2018, 1,315,281 Common Shares were issued on the exercise of 35,128,148 Series B Warrants. The related derivative liability of $32,988,998 (see Note 18) was derecognized at the dates of exercise.

(ii)

During the year ended December 31, 2018, of the 10,273,972 Series C Warrants initially granted, 9,451,780 were exercised for 9,452 Common Shares, 9,451,780 Series A Warrants and 9,451,780 Series B Warrants and cash proceeds of $13,799,659.  The related derivative financial liability of $4,459,249 (see Note 18) was derecognized at the dates of exercise.

(iii)

During the year ended December 31, 2018, 1,699 Common Shares were issued for the exercise of 1,698,841 of the Series D Warrants that were issued as part of the Series B Units for cash proceeds of $16,988.  The related derivative financial liability of $1,004,195 was derecognized (see Note 18) at the date of exercise.

(iv)

During the year ended December 31, 2018, 295,740 Common Shares were issued on the exercise of the 22,431,506 Series F Warrants. The related derivative financial liability of $29,085,125 (see Note 18) was derecognized at the dates of exercise.

(v)

During the year ended December 31, 2018, 1,076,583 Common Shares were issued on the conversion of $17,640,000 of aggregate principal amount of 2017 Notes.  The $20,555,832 aggregate principal amount of 2017 Notes (see Note 18) was derecognized at the date of exercise.

(vi)

During the year ended December 31, 2019, 2,222,222 Common Shares were issued for gross proceeds of $10,000,000 less $1,270,000 in underwriting commission, a $315,611 fair value charge for 144,444 Broker Warrants issued (see Note 18(e)) and $611,972 in other share issuance costs.

(vii)

On May 16, 2019, the Company completed a private placement of (i) 15% original issue discount convertible notes with a face value of $11.5 million, for gross proceeds to the Company of $9,775,000, and (ii) 334,951 Common Shares of the Company at a price of $5.15 per Common Share, for net proceeds of $1,664,662.

(viii)

During the year ended December 31, 2019, 223,304 Common Shares were issued on the exercise of 822,192 Series B Warrants. The related derivative liability of $16,931(see Note 16) was derecognized at the dates of exercise.

(ix)

During the year ended December 31, 2019, the remaining 822,192 Series C Warrants were exercised for 822 Common Shares, 822,192 Series A Warrants and 822,192 Series B Warrants and net cash proceeds of $1,186,027. The related derivative financial liability of $5,638 (see Note 16) was derecognized at the dates of exercise.

(x)

During the year ended December 31, 2019, 3,074,136 Common Shares were issued on the conversion of $11,197,000 of aggregate principal amount of 2017 Notes.  The $13,095,938 aggregate principal amount of 2017 Notes (see Note 16) was derecognized at the date of exercise.

(xi)

During the year ended December 31, 2019, the Company entered into exchange agreements with the holders of the remaining Series A Warrants and Series E Warrants to issue 49,624 Common Shares for the surrender and cancellation of all 35,950,340 Series A Warrants and all 22,431,506 Series E Warrants outstanding on the basis of 0.00085 of a Common Share for each Warrant.

(xii)

On January 6, 2020, the Company completed a registered direct offering of an aggregate of 1,185,000 Series A Units and 1,241,490 Series B units at a price of $4.1351 per Series A Unit and $4.135 per Series B Unit for aggregate gross proceeds to the Company of approximately $10,000,000, less $462,880 in underwriting commission, a $82,597 fair value charge for 157,721 Broker Warrants issued (see Note 18(g)) and $185,883 in other share issuance costs.

(xiii)

During the three months ended March 31, 2020, 1,241,490 Common Shares were issued on the conversion of Series B Pre-funded warrants from the January 6, 2020 registered direct offering

(xiv)

On May 28, 2020, the Company issued an aggregate of 672,937 Exchange Shares for the surrender and cancellation of 2,176,490 January 2020 warrants outstanding on the basis of approximately 0.3092 of an Exchange Share for each warrant.

(xv)

On May 26, 2020, 500,014 Common Shares were issued on the conversion of $1,016,000 of aggregate principal amount of 2017 Notes. The fair value of 2017 Notes related to this conversion (see Note 16) was derecognized at the date of exercise.

(xvi)

On June 16, 2020, the Company completed a registered direct offering of an aggregate 3,883,036 units (the "Units") at a price of $2.973 per unit for aggregate gross proceeds to the Company of approximately $11,500,000 less $1,215,274 in underwriting commission, a $162,467 fair value charge for Compensation Warrants "2020 Compensation Warrants" (see Note 18 (g)), and $278,482 in other share issuance costs.

(xvii)

On August 12, 2020 the Company completed a registered direct offering of an aggregate 4,532,772 Common Shares at a price of $2.775 per Common Share for aggregate gross proceeds to the Company for approximately $12,600,000 less $1,057,302 in underwriting commission, a $242,989 fair value charge for Compensation Warrants "2020 Compensation Warrants" (see Note 18 (g)), and $109,918 in other share issuance costs.

(xviii)

On July 23, 2020 and August 12,2020, 1,925,049 Commons shares were issued on the conversion of May 2020 warrants. Using the exercise proceeds of $4,877,225, the Company has prepaid a portion of the 2019 Convertible Note.

(xix)

On December 8, 2020 the Company completed a registered direct offering of an aggregate 6,230,803 Common Shares at a price of $0.9801 per Common Share for aggregate gross proceeds to the Company for approximately $6,100,000 less $659,410 in underwriting commission, a $96,114 fair value charge for Compensation Warrants "2020 Compensation Warrants" (see Note 18 (g)), and $200,386 in other share issuance costs.
Schedule of warrants issued and exercised

The following table lists the number of warrants issued on November 17, 2017 as well as the number issued, exercised, and exchanged since then and the remaining warrants outstanding at December 31, 2020.

 

 

 

 

 

 

 

 

 

 

 

 

 

As at

 

 

 

 

 

 

 

 

 

 

November 17,

 

 

 

 

 

 

 

As at December 31,

Warrants

    

2017

    

Issued

    

Exercised

    

Exchanged

    

2019 and 2020

Series A

 

25,676,368

 

10,273,972

 

 —

 

(35,950,340)

 

 —

Series B

 

25,676,368

 

10,273,972

 

(35,950,340)

 

 —

 

 —

Series C

 

10,273,972

 

 —

 

(10,273,972)

 

 —

 

 —

Series D

 

3,573,830

 

 —

 

(3,573,830)

 

 —

 

 —

Series E

 

22,431,506

 

 —

 

 —

 

(22,431,506)

 

 —

Series F

 

22,431,506

 

 —

 

(22,431,506)

 

 —

 

 —

 

Summary of stock option activity

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

Average

 

 

 

 

average

 

remaining

 

 

Number of

 

exercise

 

contractual life

 

    

options

    

price

    

(years)

Options outstanding, January 1, 2018

 

5,707

 

$

3,849.00

 
2.28

Granted

 

366,053

 

 
30.31

 

 

Exercised

 

(49)

 

 
7.33

 

 

Forfeited

 

(1,178)

 

 
1,712.35

 

 

Expired

 

(807)

 

 

1,813.70

 

 

Options outstanding, December 31, 2018

 

369,726

 

$

76.78

 

7.88

Options exercisable, December 31, 2018

 

146,263

 

$

127.04

 

7.62

Granted

 

697,150

 

 

4.27

 

 

Exercised

 

 —

 

 

 —

 

 

Forfeited

 

(13,344)

 

 

58.64

 

 

Expired

 

(1,867)

 

 

4,997.06

 

 

Options outstanding, December 31, 2019

 

1,051,665

 

$

20.63

 

7.09

Options exercisable, December 31, 2019

 

398,596

 

$

35.69

 

6.97

Granted

 

2,495,100

 

 

2.48

 

 

Exercised

 

(50)

 

 

4.10

 

 

Forfeited

 

(468,238)

 

 

23.10

 

 

Expired

 

(1,329)

 

 

3,498.28

 

 

Options outstanding, December 31, 2020

 

3,077,148

 

$

4.10

 
7.19

Options exercisable,  December 31, 2020

 

1,081,760

 

$

6.01

 

6.93

 

Summary of options outstanding by exercise price

The following table lists the options outstanding as at December 31, 2020 by exercise price:

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average

 

 

 

Weighted average

 

 

Options

 

remaining term

 

Options

 

remaining term

Exercise price

    

outstanding

    

(yrs)

    

exercisable

    

(yrs)

$2.11

 

486,875

 

7.72

 

138,125

 
7.72

$2.17

 

695,000

 

7.76

 

173,750

 
7.76

$2.27 

 

1,500

 

7.61

 

1,500

 
7.61

$2.42

 

640,000

 

7.47

 

176,032

 
7.47

$3.35

 

493,766

 

7.05

 

133,495

 
7.05

$4.10

 

481,150

 

6.23

 

251,550

 
6.23

$4.11 - $3,878.39

 

278,857

 

6.07

 

207,308

 
6.01

 

 

3,077,148

 

 

 

1,081,760

 

 

 

The following table lists the options outstanding as at December 31, 2019 by exercise price:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average

 

 

 

Weighted average

 

 

Options

 

remaining term

 

Options

 

remaining term

Exercise price

    

outstanding

    

(yrs)

    

exercisable

    

(yrs)

$4.10 

 

561,050

 

7.23

 

140,450

 

7.23

$5.00 

 

130,950

 

7.41

 

32,738

 

7.41

$8.80 

 

88,800

 

6.92

 

59,242

 

6.92

$27.20 

 

263,250

 

6.75

 

162,268

 

6.75

$27.30 - $9,276.86

 

7,615

 

4.71

 

3,898

 

3.69

 

 

1,051,665

 

 

 

398,596

 

 

 

The following table lists the options outstanding as at December 31, 2018 by exercise price:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average

 

 

 

Weighted average

 

 

Options

 

remaining term

 

Options

 

remaining term

Exercise price

    

outstanding

    

(yrs)

    

exercisable

    

(yrs)

$8.80

 

89,900

 

7.92

 

29,976

 

7.92

$27.20

 

270,000

 

7.75

 

112,566

 

7.75

$60.00

 

1,055

 

7.25

 

 —

 

 —

$60.01 - $8,917.93

 

8,771

 

4.39

 

3,721

 

1.48

 

 

369,726

 

  

 

146,263

 

  

 

Stock options  
Statement  
Estimate of fair value of options weighted average assumptions

 

 

 

 

 

 

 

 

 

 

 

 

 

    

2020

    

2019

    

2018

 

Weighted average fair value

 

$

1.99

 

$

3.60

 

$

16.40

 

Weighted average exercise price

 

$

2.48

 

$

4.30

 

$

30.30

 

Weighted average share price at grant

 

$

2.48

 

$

4.30

 

$

30.30

 

Dividend yield

 

 

nil

 

 

nil

 

 

nil

 

Volatility

 

 

124

%  

 

141

%

 

72

%

Risk-free interest rate

 

 

0.94

%  

 

1.51

%

 

2.24

%

Expected life

 

 

4 years

 

 

4 years

 

 

4 years

 

Forfeiture rate

 

 

7.00

%  

 

7.00

%

 

7.00

%

 

Restricted Share Unit Plan  
Statement  
Summary of transactions

 

 

 

 

 

 

 

    

 

 

Weighted

 

 

 

 

Average

 

 

 

 

Grant Date

 

 

Number of

 

Fair Value

 

 

RSUs

 

Per Share

Outstanding, December 31, 2018

 

 —

 

 

 —

Granted

 

152,956

 

$
2.98

Vested

 

 —

 

 

 —

Outstanding, December 31, 2019

 

152,956

 

$

2.98

Granted

 

706,044

 

$

2.72

Vested/Exercised

 

(50,986)

 

$

0.85

Cancelled/Forfeited

 

(30,000)

 

$

2.74

Outstanding, December 31, 2020

 

778,014

 

$

2.76

 

Share Appreciation Rights  
Statement  
Summary of transactions

 

 

 

 

 

 

 

 

 

 

Weighted Average

 

    

Number of

    

 Grant Date Fair 

 

 

SARs

 

Value Per Share

Outstanding, December 31, 2019 and 2018

 

 —

 

 

 —

Granted

 

1,811,768

 

$
0.185

Vested

 

 —

 

 

 —

Outstanding, December 31, 2020

 

1,811,768

 

$
0.185